I just checked my credit report after being aprroved for a house in feb then the night before closing was told that my score dropped 40 points and we cant get the house. Yet no one can tell me what happened. We recently finished chapter 13 and have the discharge letter. We have aquired debt/ re-established credit and various credit cards ( purchased a mini-van for the twin girls we recently had ) during bankruptcy to help off-set negative reporting. So I decided to see for myself. Nutmeg State F.C.U has two accounts totalling 14k on one report, M.B.N.A has 3 accounts for a total of about 40k on my report. Not to mention misc. misreporting on several other accounts, and collection accounts. I'm new here so I could definitly use some help from some knowlegable people on how to rectify these matters quickly. Thanks in advance Sincerely, Chris Roberts
That sucks!! I'm so sorry. First of all, you need to tell us anything you can about the accounts. Are they yours? Were they included in your Chapter 13? How old are they (based on the date of last activity). Your first course of action is just to dispute the accounts with the credit reporting agencies as not yours. Please provide more info and the gurus here will be able to better advise you. I know it must feel like hell but there will be a way to get through this and get you into a house. Poochie
First of all, thank you, It's hard to not cry ( between me and you )right now because maybe, just maybe, there might be a lillte light on on the other side of the tunnel. And I know I can't be alone in this fight if I want to win. If you can help me successfully I'll name my next born after you The stated accounts with Nutmeg State. F.C.U is not mine, and M.B.N.A is not mine but all are perfect pays ( for now ) and activity is current and established in 1993, 2000, ( m.b.n.a. ) and nutmeg state in 1992 also current and perfect pay. Since they aren't mine they weren't included in chpt 13. As for the misreporting most were included in chpt 13 but some will say included in chapt 13 while another will say chage off as bad debt. Alot of collections but I've only agreed to pay 1 or 2, although one or 2 are attornys trying to collect. What a mess. We used to have 789 credit scores. It might be easier to send you a copy via email if possible, and by the way my wife says nothing seems to add up from the discharge papers that itemizes who and what has been paid.
I feel for you buddy. You have DEFINITELY come to the right place. You'll get all the help you need here. We have experts from every area. The important thing is to read read read and education yourself. You start i the newbie section and spend hours. Meanwhile, any specifics your can give will help a great deal... I hope you get the house when it's all done... Best of luck (well you make your OWN luck) (grin). Goldhummingbird
I gotta say for the first time here you guys are freakin great!, responses quick! support super! my fourth born named after you!
first of all My sincere regrets for your disappointment, I would be crushed if this happend to me. to get the ball rolling, I would first begin by disputing the accts with the CRA it sounds like some of them will be deleted, for being not yours and being a bit old I would say if I reading this right. after the investigation with the CRA depending on the results if they are removed have a copy of the results sent to the lender and maybe he may approve you due to the mistake and the fact the issue denying you was corrected. if the accts remains, write a letter CMRRR to the creditor or Ca and ask for verification of an alleged acct DO NOT provide them your SS# they may just use it against you to claim the acct belongs to you. see where this gets you then report back here
Here's something to consider too - your mortgage agent should be super-motivated to get you closed. Talk to him/her about doing a "rapid rescore" on your file - meaning you supply proof that the accounts aren't yours and/or that the charge offs were included in your BK13, and they will be able to get your score updated in 48 hours as opposed to 30-45 days if you do it yourself. You may not get your whole report corrected but you should gain enough points to proceed with closing ( I think most lenders like to see 620 across the board.) Do some searching on this site for posts by Willtygart, Flyingifr and of course, read Butch's and Psych docs primers. I'm sure you'll have more responses in the morning, meanwhile, try to get some sleep. Poochie
The stated accounts with Nutmeg State. F.C.U is not mine, and M.B.N.A is not mine but all are perfect pays ( for now ) and activity is current and established in 1993, 2000, ( m.b.n.a. ) and nutmeg state in 1992 also current and perfect pay. Since they aren't mine they weren't included in chpt 13 ============================= From what you say these are good posiitive accounts with a good long credit history. Removing them could lower scores. even more . Red the red Nwe Bee links. ><- <>- ><- <> ~~~ ><- <>- ><- <> ><- <>- ><- <> ~~~ ><- <>- ><- <>
Public records are tricky - they are not going to come off any time soon. You can try but they are almost sure to come back verified. Try doing a search of this site to see what others have advised.
I was thinking debt to income ratio might be out of whack, even though the accounts are perfect pays ( mbna and nutmeg ) what do you think?
SOmething caused your scores to tumble 40 points. Are you saying those two accounts were just added? If they were, and since they are already dated as older it could very well be that they have skewed your credit usage ratios causing the fall. Are they showing as maxed out?
I dont know if they were just added to honest, but they arent maxed. Actually if the truth be told its almost the perfect place to be, less than half on each, but still, they arent mine. I 'll have the letters sent out on Mon. or Tuesday to the C.A. to report thisnow the problem is collections. My wife and I are in a position to to have these handled but I gotta tell ya, I'm a little nervous.I don't know if the right to transfer unpaid accounts is in any of my contracts: who reads all the fine print, but if I can get them removed AND not have to pay, that would be great! What is my first, second, and third moves here exactly, and what exactly could be the worst case scenario ?
I would think this is your best, fastest avenue. Go to your broker, and ask them to help you right away. They are the only ones that can order a rapid rescoring. Good luck!
